It has been an unprecedented week in banking, witnessing the collapse of two major institutions: Silicon Valley Bank (SVB) and Silvergate Bank. While this turmoil is tragic to watch, I want to reassure all Braintrust network participants that there will be no disruption to marketplace operations as a result of these collapses. We have moved quickly over the past few days to safeguard our funds.
All of the nodes building Braintrust have moved the vast majority of their capital away from SVB and over to other banking partners. The nodes are actively working with a few remaining clients to re-route payments to other banking partners. All nodes building Braintrust migrated away from Silvergate over a year ago, so there is no exposure there.
The key takeaway here is that we do not anticipate any disruption to marketplace operations, including payments to talent and core team members.
We will remain vigilant to protect the livelihoods of people who rely on Braintrust to make a living, and committed to defaulting to open and sharing the latest news with you as we receive it.